Malaysia needs more start-ups, high-tech companies to be listed on Bursa — Rafizi

TheEdge Mon, Apr 22, 2024 06:09pm - 3 weeks View Original

KUALA LUMPUR (April 22): There is a limited number of start-ups or high-tech companies poised for listing on Bursa Malaysia, as the majority of corporations in Malaysia remain in traditional sectors, said Economy Minister Mohd Rafizi Ramli.

Despite Malaysia's strength in the electrical and electronics industry as a global exporter, he said only 4% to 5% of high-tech companies are listed on the local bourse.

“It's a pity because this country is globally recognised as one of the most important semiconductor players in the world,” he said at a KL20 Summit 2024 session “From Malaysia to the world, open for tech business”, here on Monday.

Rafizi said there is a need for a pipeline of tech and start-up companies ready for listing to enhance Malaysia’s business ecosystem.

"By achieving this, we can establish a sustainable high-value economy with the government's focus shifting from funding and intervention to regulation and ecosystem development," he said.

He emphasised that the government's interest extends beyond monetary investment in start-ups and is instead seeking early success stories to attract tech talent from around the world to Malaysia.

Meanwhile, Khazanah Nasional Bhd managing director Datuk Amirul Feisal Wan Zahir suggested ensuring the availability and continuity of capital to reduce the concerns among start-ups.

“(Hence), this is our role. We have an investing mandate and a developmental nature.

“We operate with a long-term gestation period in terms of returns, which enable us to take bigger risks and bring in partners who can examine the entire ecosystem," he said.

K3 Ventures managing partner Kuok Meng Xiong echoed Amirul's sentiments, asserting that ensuring the continuity of capital would foster a culture of risk-taking.

"Not only is Malaysia an interesting market, but I also believe that if we can address the capital problem, we will foster a culture of risk-taking that can yield significant outcomes for the people who reside here," Kuok added.

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C H Lim
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ya and your people want to take 30% at least

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